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15 May 2021

How to Develop Banking Blockchain App?

A bank may not have an office, but it must have an online banking service that can be accessed using a mobile app. At the same time, such a service should be not only convenient and understandable, but also as secure as possible, as well as comply with the standards for protecting the privacy of its users. At the moment, blockchain technologies cope with the tasks of security and data protection best of all. Therefore, in this article, we will show you how to develop a blockchain-based banking application.

Concept development


This stage is very important, as it allows you to understand what kind of banking application you want to develop and what you need to do this. In particular, you have to decide on a niche, target audience, main functions, as well as exactly how you plan to use the blockchain.

Here is a list of areas where blockchain is most often used in banking:

Choosing a blockchain developer


Once you have decided which application you need, you can move on to finding a technical partner. Developing a blockchain-based online banking app with freelancers or full-time employees is not worth it. Since, firstly, blockchain requires certain skills and experience, and secondly, only a professional team can guarantee the reliability of their code and its protection from unauthorized access.

Here's what specialists your tech partner should have:

Where to look for a technical partner and what to look for is detailed in the article:  "How to choose software developer company".

Development of drafts and prototypes of the service



An example of how a working draft of a banking application is turned into a wireframe. Source



Next, together with the developer company, you need to make a draft and/or prototype of your banking application, where you will see the order of user actions, the main design elements and service functions. You do not need to work hard on the look of the interface in the draft. It is enough to get an idea of the user's path to make it as short as possible.

Once you've optimized the user's path and understood what design elements you need to implement, you can start building the wireframe for your application. This is a schematic representation of the design of an application, consisting of blocks and lines that symbolize design elements and the user's path from screen to screen. They help better understand how everything will work, whether the user will be able to carry out what he needs, and how simple and convenient it is.

If you are satisfied with everything and no holes and complications were found, the wireframe can be turned into a highly detailed prototype that gives a more accurate idea of how the application will look after completion of your blockchain-based banking application.

Development of a graphic layout of the application



Based on a poorly detailed prototype, a more detailed one with markup of user paths is created, after which a layout of the application interface is created. Source



A layout is, in fact, the finished design of the application interface (what the user will see). It should fit your niche, have a nice look, and fulfill the assigned tasks. All three of these things are required and equally important, so put your best effort into polishing them, remembering that 21% of millennials will uninstall an app right away if they don't like the design.

Here is a short list of what you should consider when creating your layout:

Decide on the functions of your application



What functions of the banking application people use most often. Source


The specific list of functions of your application will depend on the niche and complexity of the project (the more complex, the more functions), as well as whether you want to immediately develop a fully functional banking service or start with an MVP and gradually expand its capabilities.


Here is a list and description of the features that should be in any mobile banking application:



What else is desirable to add to the MVP of the mobile banking application:

Choosing the best blockchain platform


When you know what functions your application needs and what exactly you want to transfer to the blockchain, you can start choosing the optimal blockchain platform. Usually the stake is placed on the security and speed of the blockchain, but not always. For some banking applications, increased transaction anonymity and data confidentiality may be important.

These are the most commonly used blockchain networks in the banking sector:

Choosing the right technology stack



Burgan Bank mobile app architecture. Source



When choosing a technology stack to develop a blockchain banking application, you should focus on five main areas: back-end, front-end, blockchain, and cross-platform. In addition, you should also not forget about the things related to the reliability and security of the software.

This is what is most often used in such projects:

Application development cost


At this point, programmers implement your application in code. Development time and cost depend on the complexity of the project and functionality, as well as on the location of the developer company. Location is important as developer rates can vary widely from country to country. You can read more about this in the article: «How much does blockchain development and implementation cost?».

Here is the estimated cost of developing a blockchain banking application:


Deploying your service


After the completion of development and comprehensive testing, you need to put the application in the AppStore, Google Play Market and Microsoft Store marketplaces. These sites have strict reliability and security requirements, so make sure your service is working as expected and free of vulnerabilities for hackers and Ddos attacks, as well as several anti-phishing tools.

Feedback and development


Launching the application is just the beginning. After it, you should continue to collect feedback from users and your support service in order to remove all problematic points based on this data and add the functions that your target audience needs. In addition, if you are betting on users of Apple devices, then you also need to submit an application to the Apple editorial office so that they conduct an expert analysis and give their recommendations.

Legal points


All banking applications must comply with the laws and regulations of the country(s) in which they operate. Typically, these laws include requirements for the safety and privacy of users, as well as the fight against money laundering, corruption and the financing of terrorism.

Here are the most famous rules for financial security:
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